The practical use of statistics

 

The practical use of statistics in the collection, organization, analysis, interpretation and presentation of data that pertains to a real or hypothetical business problem that enhances business decision-making.

Areas to be covered include descriptive statistics and inferential statistics.

Select   a real or hypothetical business problem and the real or hypothetical data related to the problem.

Utilize Microsoft Excel for all necessary calculations and graphic presentation of data and results, and be able to use the output to address the problem at hand.

The Research Paper should include:

I. An Executive Summary which provides a brief background supporting the identification of a business problem requiring data analysis for better understanding and more effective business decision-making. Be certain to clearly define the problem and the questions to be answered by the research in this introduction of the Research Paper.

II. A Research Design and Data Collection Plan that identifies the data necessary to answer the questions posed. Distinguish descriptive and inferential analysis and identify the independent and dependent variables where applicable.

III. The Research Paper should include the following descriptive and inferential statistical analysis:

A. Descriptive Statistics

Given the business problem and the accompanying data set, construct graphs (following principles of ethical data presentation), calculate and interpret numerical measures of central tendency and dispersion appropriate for the situation. Use the graphs and numerical measures as aids in determining a course of action relative to the problem at hand.

B. Probability Concepts and Distributions

Given the business problem, utilize basic probability concepts, and standard probability distributions, e.g., binomial, normal, as is appropriate, to formulate a course of action which addresses the problem.

C. Confidence Intervals

Given the business problem and accompanying data set, for which application of a confidence interval is appropriate, construct an interval, assess its validity, and use the confidence interval in developing a course of action relative to the problem.

D. Statistical Hypotheses

Given the business problem and accompanying data set, for which the test of a hypothesis is appropriate, conduct an appropriate statistical hypothesis test, assess the validity of the test, and use the test results to decide on a course of action relative to the problem.

IV. The Study Conclusions should be identified and supported by evidence.

V. Written Report. Each student should be prepared to demonstrate their understanding and application of all aspects of their research in a written report that constitutes this Research Paper following MLA standards and criteria. Students should also be prepared to orally defend their Research Papers (the “Written Report”) if asked.

 

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